5 Key Facts businesses need to know about Open Banking

open banking affects small business

Open Banking is here and is about to transform competition in the banking and funding arenas.

Since 13 January 2018 nine of the largest banks in the UK are governed by the new regulations introduced by the Competition and Markets Authority (CMA).

But what exactly is Open Banking, and how does it affect businesses across the UK? Here are five key facts you need to know about Open Banking: (more…)

Banks are making it difficult for ‘Mumpreneurs’

New research by APS financial, the most proven digital UK challenger to banks, reveals what’s stopping UK mums from starting their own business.

With nearly half of UK mums saying they admire entrepreneurial businesswomen like Michelle Mone, Karren Brady and Liz Earle, the study unveils the barriers Mumpreneurs believe are stopping them from becoming the next ‘Baroness Bra’.


Concise guide to choosing a business bank account

One of the first things you will do when you set up a new business is to open a business bank account.

The easy thing to do is to use your personal bankers to act for your new business, but this isn’t necessarily the wisest move as there are significant differences between the services you will receive from the various high street banks.

Here’s some sound advice, together with some practical tips to help you get the most out of your bank, and choose the best business current account for your start-up, or small business. (more…)

How to switch business banking providers

Most individuals use the same bank for decades, if not for their lifetime. Many small businesses are the same, and stick with their high street bank even if they are missing out on far higher interest rates and lower bank charges which are available elsewhere.

How to compare business bank accounts

If you’re starting out in business – either as a limited company, a sole trader or partnership, one of the first things you need to do is find the best business account for your needs. So what should you look out for when comparing business bank accounts?

Choosing the best business bank deposit account

One of the first actions of many small businesses is to open a business current account. It’s absolutely essential you have one so your business can make and receive payments. However, many businesses don’t bother opening a business deposit account.

Keep an eye on your business bank account charges

When you’re running a small business you need to make every penny count, especially during an economic downturn. So the last thing you want to do is to pay over the odds for bank charges and fees on your business bank account.

Here are some of the simplest steps you can take to reduce the cost of your business banking.

How to keep your business banking charges low

One of the most frustrating things you will come up against as a small business owner are bank charges.

Unlike personal banking, where we are used to paying only to have an overdraft, most business bank accounts have to be paid for. And the charges seem to keep coming whether you’re doing well or badly. The more you pay in, the more they charge you; meanwhile when times are bad you are more likely to be penalised for dipping into the red!

Here are a few simple ways to help you stay on top of bank charges and reduce the impact on your business.